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According to the topic All you need is money to be an entrepreneur which is means only rich people can be an entrepreneur or only rich people have the chance to be an entrepreneur. In my opinion, this kind of view is too narrow; people who only have money can not be an entrepreneur, because to be an entrepreneur also need sorts of skills, knowledge, characters, and abilities, sometimes even need good fortune!
An entrepreneur is a person who catches the opportunity then makes a plan to start a business for making profit. Entrepreneurs need to take the responsibility to manage the business in order to receive profits and values. This article will use relevant concepts, theories, and example to discuss what is entrepreneur and how to be an entrepreneur in order to prove that to be an entrepreneur not only needs money.
As what I mentioned above, I don't agree with the topic. Only when we clearly understand the meaning of entrepreneur, we can make the right judgment. Here comes out the questions: What is entrepreneur and how to become an entrepreneur? Let me discuss it step by step then you will agree with me that entrepreneur may have money but definitely not only made by money.
1. What is it
There are so many definitions to explain what is an entrepreneur, to make it short and clearly, I suppose that entrepreneur is the one who occupy the central position in a company, and they are the leader who serves as the spark plug in the organization's engine, activating and stimulating all business activity.
Â "An entrepreneur sees an opportunity which others do not fully recognize, to meet an unsatisfied demand or to radically improve the performance of an existing business. They have unquenchable self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way. They are not diverted or discouraged by skepticism from 'experts' or from those from whom they seek backing and support, but willing to weigh all advice and select that which will be helpful. They are prepared not just to work seriously hard but to back their judgment with personal investment at a level which will cause problems if they are wrong about the opportunity. They understand that achievements are the result of team work and know how to choose the necessary blend of talents and inspire them with their vision." comes from Chris Oakley OBE, chairman of Chapter Eightï¼Œa Web Design Company.
Chris Oakley made it very clearer that entrepreneurs are unique not because they have money but because they're capable of bringing together the money, raw materials, proper skilled labor and manufacturing facilities to produce products or services. What's more, they are quite good at arranging the marketing, sales and distribution of that product or service.
2. How to be a good entrepreneur
There are points of view says that the lifeblood of business enterprise is cash flow. Without doubt, to startup business needs money, you need to pay for services, buy inventories, repair and replace tools and equipment, pay the salary in order to continue the business and support the business processing. But, only got money is not enough, I believe the most important point is that you need to manage money wisely, carefully and effectively so that can ensure the cash keeps flowing and the bills get paid to let the business sustainable.
A proper and thoughtful plan comes out from a great idea, can help you to make your entrepreneur dream probably come true. Businesses always start with ideas -it may be a service which people need, may be a product that would make life easier, or something that combines both. If a great idea comes to you, make sure it is realistic. Evaluating the cost, manufacturing time, labor, and popularity and so on. If you don't have an idea yet, you may start to think of your target market first. Always do not afraid of accepting different ideas. Then make a list of things that comes out from your brainstorm, such as places to open the shop, things the consumer like, etc. Find the easiest, most realistic product you can offer. After gain a good idea you need to write a business plan which include all the details and descriptions, and plan everything out realistically. Take your time and evaluate your product at each section which need a deeply and widely research. For example, if you are going to begin a business that selling products, you can write the list down to keep reminding yourself the most important keys, like cost, manufacturing time, and popularity in mind After all these process being done, you already take the first step to become an entrepreneur.
According to the discussion above, you can find that money just one of the key points to make an entrepreneur, in fact, to become an entrepreneur is easy but the point is how to sustain the business and make it gain profit. To be a good entrepreneur may need to carry the following characters:
First of all, you need to learn to lead, which simply means act more than talk. Try doing things instead of always thinking and talking behind the office room then congratulations, you're a leader and your employers will follow.
A good entrepreneur should always be optimistic and future oriented; and this kind of people never lose their faith that gaining the success is possible and always be willing to face the risk in the pursuit of profit. A good entrepreneur can always encourage his staff to face the competitiveness and find an optimistic way to achieve the goal.
The world is changing in every second, so to be an entrepreneur; you should learn how to fast moving, and try to use different kind of strategies to achieve goals of profits. Be flexible so that you can change quickly when you get new information.
To be an entrepreneur, you are responsible for building an effective team and enabling your employees to do their best work. To do this you need to hire the right person to do the right job and build up a structured framework for the business plan.
Try being a good listener to your staff. "A good boss realizes that everyone who works for you is different," Sutton says. You are a leader not a superman; you cannot handle all the process in one time. Understanding your employer of noticing their actions and reactions can better manage your organization.
You need to record and review your behavior because you are the guide line to your staff. Only good leader can gain the respect and loyalty of his employer. For example, Robert Sutton, Stanford professor and author ofÂ 'Good Boss, Bad Boss' (Business Plus, 2010), worked with one executive in this way, noting the number of times he interrupted others and the amount of time he spent in talking. "He massively underestimated [the numbers] and he was shocked when I gave him the feedback," Sutton says.
There are too many characters to individuate, what I mentioned above just some point of them, all I want to show is that to be an entrepreneur needs more than money. That's why some people are rich but still can not be an entrepreneur because they are lack of relevant knowledge, skills, and characters of being a leader.
4. Example - Singapore's young entrepreneur and how they did it.
In Singapore, youth people are highly encouraged to take challenges and venture into new and innovative businesses.Â I would like to introduce some of Singapore's successful young entrepreneurs and share their experiences to show that success not only comes from money (Sources comes from BusinessWeek Asia)
Paddy, the founder of the unique lost-and-found anti-theft services providerÂ BAK2U, had a very good motivation in starting his own business. His motivation was to provide a better life for his parents.Â His secret:Â "When I was young, I saw myself starting my own business as an escape route to provide a better life for them," sad Paddy.
Eric Feng, the founder of Area 9 and creator of FAQ books, provider of leadership training, communications and branding. He believes that there is always something to learn every day.Â His secret:Â It is always best to take the next logical step, do due diligence and take action - because time is of essence.
Chew Choon Keat createdÂ SharedCopy, a platform which allows people to share interesting web pages. He learned that though a product only needs an idea and speedy execution to get started, it requires endless experimentation and feedback in order to make a progress.Â His secret:Â His hunger for improvement and limitless possibilities.
From all those examples, we can see that none of them had mentioned about money. All winners have special characters and abilities, just like them, to start your entrepreneurial career; all it need is exceptional knowledge, a strong heart to face all the challenges and difficulties with perseverance and hard work.
Starting business is giving people the opportunity to broaden their horizon and create a widely social network, but the most important point is that doing business gives you a fantastic learning experience. Try to be not afraid of making mistakes because mistakes giving you experience to avoid another mistake, at the same time, it will improve your business process and even yourself.
Anyway, above all, we should be clearly that starting business is not only need money. Try to think deeper, and learn more to gain some useful knowledge, skills and abilities. Only have money will not be enough to be an entrepreneur, because money cannot teach you how to make a plan, money can not teach you how to manage a business, money can not teach you how to be effective, and money cannot teach you how to be a leader. If you have money, that only means you have the opportunity to try to be an entrepreneur, but there is some thing more important than money, and some thing more necessary for you to look for. Money is limit sources and the power of it is every weak, only knowledge is so powerful and unlimited.